The advantages of using more one wallet.

[Yugocean]

It is always better to use multiple wallets, but I will not suggest among the wallet sites, I'll suggest to choose from hot wallet or cold wallet . Cold wallet are used by even those wallet sites and even exchange platforms, this keeps the currency safe, hot wallets have to be cared with more security, yet if people do not wish, they can surely choose those wallet providers and they will keep their coins till the private key etc are with the investor, there KYC will keep another layer of security.

 

[Sotherefore]

Personally I will advise people to have more than two cryptocurrency wallet and all this should be used for different purposes and storing of different cryptocurrency. And I also believe that the reason why a lot of people prefer to have more than one cryptocurrency wallet is because if anything happened to one.

 

[Putta Vince]

One obvious advantage of using multiple crypto wallets is that even if one wallet gets hacked , you lose only 1 or 2 crypto , but not all of them because one would have dispersed the coins across more than 1 wallet. But if you put all your crypto coins to one trusted wallet like trust wallet or coinomi wallet , it will be more convenient , at the same time , coins are safe enough.

 

[btaliat]

Based on your reasons, you are very correct. I lost all my early coins on cryptocurrency because the wallet I was using was hacked. Now I have almost three wallets where I keep my coins. The reason is not only to protect it against being hacked, I maintain many wallet to ease transaction with peer to peer at times.

 

[Lens1000]

Cyber criminals are on top of their game and they update their malware everyday. We have heard of different advance tech malwares specifically designed to steal crypto funds by crawling their way into the wallets of the users. In the same vein, the exchanges too should upgrade often to outsmart the cyber criminals

 

[Ahmedo24]

This is true with the reasons you gave, but I do not think like that though as I see binance as a very secured place so I leave most of my crypto assets there to make sure that I do not find it hard to swap to a stable coin whenever I want to take profits or sell off in case of a dip. This has helped me a lot to avoid losing my money, unlike other wallets that lack features Available on binance.

You are absolutely right, the platform is reasonably secure, the easy of conversion to usdt or stable coins makes me love the platform and I can also run trading there too. Other wallets I keep include trust wallet and blockchain, they are highly secure too though the transaction fee especially trust wallet is high.

 

[Bookwormlux]

This is true with the reasons you gave, but I do not think like that though as I see binance as a very secured place so I leave most of my crypto assets there to make sure that I do not find it hard to swap to a stable coin whenever I want to take profits or sell off in case of a dip. This has helped me a lot to avoid losing my money, unlike other wallets that lack features Available on binance.

 

[Good-Guy]

One of the biggest advantages of using more than one wallet is the fact that your cryptocurrencies remain secure and the chances of your crypto being hacked gets minimized a lot. Apart from using more than one crypto wallets, it is also advisable to use more than one payment processors to store your money in order to avoid suffering from loss.

 

[gochenko8]

True i think its best to do so because i have heard different news of exchange sites faced with the challenges of having issues with security amd others , and those people who are trading on the site do stop trading because they have no other alternative and their fund is been held by those exchange sites , so i think what should be done is that you should put it in different wallet , or maybe you could also use an cold wallet or any other offline wallet to store those crypto , if you aren't sure about the site

 

[Ahmedo24]

It is a fact that every thing online is not 100% safe despite that people that develop or run business online mostly have good mindset. Attacks are inevitable especially to the sites or businesses that has made remarkable achievement online.
Wallets are software base apps used for storing ecurrencies and Crypto currencies. They are of different kinds and there are many of them. The popular ones include blockchain, coinbase, coinpot, Trust wallet, coinomi, luno, Exodus etc , there are also offline wallets but mostly used to store large volume of Crypto currencies.

I feel It is very important to have more than one secure wallet you use to store your coins so that won't put your egg in one basket and you can manage your losses in case of eventualities like hacking, bugs or misplaced of password.

 

[Nova]

Some of my friends told me to always invest into the hardware wallet and the desktop wallet. They told me never to invest into the web wallets. This way you are going to be more secure if any site decides to close the shop. I think coinbase soon will close it's shop and run away by taking the money of people. So a lot of people who want to make use of the web based wallet are going to have their own set of the regrets. It;s always better to make use of the desktop wallets.

I have access to the atomic wallet and the myetherwallet. These two are good enough for me. I don't see need for any other currency as of yet. So far there seems to be a lot of wallets are out there but we don't know which one is good or bad in the long run.

 

[Pulandooo]

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[Ahmedo24]

Another advantage is that sometimes , some cryptocurrency companies offer incentive for their users . with this ,one can benefit from such offer when one of the wallet he uses is the wallet offering the promo

This is true honestly, I have noticed that once in a while blockchain wallet do offer airdrops that very legitimate but most times only for the users of their wallets so in this scenario if one doesn't use the wallet obviously you can't benefit.
If one can have another ERC token base wallet it is also very good so that one can use that for participating safely on airdroping without using wallets where your hard earned money is kept.
Currently I use three wallets actively and I feel secure to an extent.

 

[Josemendez]

I think I quite agree with you on this , having more than cryptocurrency wallet will help a lot in offering security to the person's crypto assets.

There is possibility of one getting hacked by scammers and if the person has all his earned or invested cryptos in one wallet , he will lose everything in it.

However ,if reverse is the case , he will only lose the cryptos in the hacked account and still have something to cope with in the second account.

Another advantage is that sometimes , some cryptocurrency companies offer incentive for their users . with this ,one can benefit from such offer when one of the wallet he uses is the wallet offering the promo

 

[Wisdom01]

True i think its best to do so because i have heard different news of exchange sites faced with the challenges of having issues with security amd others , and those people who are trading on the site do stop trading because they have no other alternative and their fund is been held by those exchange sites , so i think what should be done is that you should put it in different wallet , or maybe you could also use an cold wallet or any other offline wallet to store those crypto , if you aren't sure about the site

 

[BrandonHarris]

what kind of attacks are we talking about? I first time hear about this?

 

[sincerem]

That's very correct, we shouldn't put our head in one basket, we need to create more than one crypto wallet account. Put our coins differently, we shouldn't just rely on one cause it might fail us one day, when attack marred around it. Instead if running empty, we'll have another alternative to still hold money on our hands. Because everyday attacks happens around Cryptocurrency. From one wallet to another, and too many data's are lost in daily basis. The only thing that will make one not to lose all, is the ability to control more than one wallet, and save other coins too.

 

[Lekhraj19]

Yeah, you said right. Although, I am a college student now but I understand how important it is. We hear so much about data leakage of business owners who are trying very hard to reach their goals, and one single mistake if they do in handling the privacy of their financial data, it causes them a huge loss. It's also very true that now people are more using wallets for keeping money and sharing money. In India, Digitalisation was not so much but after Coronna strikes, more things are being digital.

It has that one side effect that is if one single data leaks whole information is gathered by the hackers. So, it's better that we should channelize our cash into several wallets to avoid it as you mentioned.